PHILIPSBURG–National General Insurance Corporation NAGICO has paid in full the US $33.2 million judgment the court recently ordered it to pay Princess Juliana International Airport (PJIA) for damage the airport sustained during the passing of Hurricane Irma.
The payment of the judgement brings the total amount NAGICO has paid the airport to $58.2 million.
NAGICO announced the payment in a press release on Tuesday. In reaction to the NAGICO release, PJIA Acting Chief Executive Officer (CEO) Ravi Daryanani told The Daily Herald that the payment received is not a full settlement. He said it was just the full payment of the judgement of $33.2 million, which is an interim or advance payment. He said PJIA’s final Hurricane Irma-related insurance claim “is still ongoing.”
NAGICO said in its release that over the past 12 months NAGICO has paid nearly $700 million to its clients on the islands that were affected by Hurricanes Irma and Maria in September 2017. NAGICO serves 21 territories in the Caribbean.
“Princess Juliana International Airport (PJIA) is among the many NAGICO clients that have been paid. A total of US $58.2 million was paid to the international airport for damage sustained,” NAGICO said in its release.
The NAGICO release quoted Daryanani as saying, “PJIA is happy that NAGICO has honoured its obligations and we are pleased that they have completed payment well before the agreed time.”
NAGICO CEO Dwayne Elgin said, “We are pleased to have paid nearly $700 million US dollars and settled nearly 95 per cent of the 14,000 claims received across the region related to hurricane damage sustained. It is very positive to see the economic recovery and rebuilding in process. Our team continues to work hard toward the fair resolution of all remaining claims.”
NAGICO Chairman Imran McSood Amjad said, “This is most likely the largest pay-out the region has seen by any single insurer in any one catastrophe year and we are proud to be a leader in this regard. The NAGICO Group remains a financially sound institution and it will always be there for the Caribbean region.”
Founded in 1982, the NAGICO Group provides a variety of property, casualty, life and health products and risk solutions to its customers around the Caribbean. The company has a capital adequacy rated at the Strongest Level as per A.M. Best’s Capital Adequacy Rating Guidelines, the release said.
“Headquartered in Philipsburg, St. Maarten, the company is ranked the number one insurer on the island,” the release said.
Source: The Daily Herald https://www.thedailyherald.sx/islands/80285-nagico-pays-pjia-full-judgment-pjia-says-final-claim-still-ongoing
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